Renovate America, a provider of so-called residential property assessed clean energy, or PACE, financing in the U.S. raised $50 million in growth equity from new and existing investors, the company said.
Valor Equity Partners led the round, which also included Macquarie, RockPort Capital and Spring Creek.
San Diego-based Renovate America partners with municipalities to provide the HERO Financing Program to property owners, who in turn use the program to finance a products for reducing utility bills, including solar power; energy efficient HVAC, windows and roofing; and water-saving products such as artificial turf. The company has financed more than $250 million in HERO residential energy-efficient improvement projects to date, according to the company.
“We are fortunate to partner with over 165 cities and counties who have made HERO available to their constituents,” said J.P. McNeill, CEO of Renovate America. “In addition to helping homeowners save millions of dollars, HERO is helping communities create thousands of local jobs, lower mortgage foreclosures, stimulate local economies and lower emissions. This additional equity investment will enable us to bring HERO to more cities and counties.”
PACE provides a way for property owners to finance energy- and water-efficiency improvements through their property tax payments, making it — in most cases — transferable to new owners.